Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,103/mo
Lowest payment- Down payment
- $209,658
- Funds due
- $219,648
- Interest + MI left
- $37,426
- First ends
- Jun 2042
Assumption
Assumption + second
$2,424/mo
+$1,321/mo- Down payment
- $29,658
- Funds due
- $40,977
- Interest + MI left
- $332,906
- First ends
- Jun 2042
New loan
New conventional
$2,295/mo
+$1,191/mo- Down payment
- $29,658
- Funds due
- $37,640
- Interest + MI left
- $397,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,342 | $82,342 | $262,342 |
| Second mortgage | — | $180,000 | — |
| First P&I | $589.13 | $589.13 | $1,816.40 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $88.26 | $88.26 | $52.47 |
| Taxes, insurance & HOA | $425.83 | $425.83 | $425.83 |
| Total housing payment | $1,103.22 | $2,424.00 | $2,294.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,658
Closing costs & prepaids$11,319
Usable credit−$0
Total buyer cash needed$40,977
Earnest money paid−$0
Remaining funds due$40,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,920.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$769.00
Initial HOA (3 months)$58.50
Prepaid interest, first (2 days)$17.69
Prepaid interest, second (2 days)$78.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing15 yr 7 moOf the original 30-year loan at 3.920%
Interest already paid$59,661Through Nov 2026
Assumption only · ends Jun 2042$37,426
Assumption + second · ends Jun 2042, second Dec 2056$332,906
New conventional · ends Dec 2056$397,807